Civil Bank unveils new fixed deposit scheme with 12.75% interest; free ASBA service

Civil Bank Limited (CBL) has announced new deposit schemes with increased interest rates. CBL is providing 12.25% interest per annum on 6-months fixed deposit and 12.75% interest p.a. on 9-months fixed deposit scheme. It has also announced 8.25% interest rate on savings account. Likewise, Civil Bank has also announced free ASBA service to its account holders. Those who are interested to apply in a public issue (IPO/FPO) can now provide application free of charge through any branch of Civil Bank. Earlier, Nepal Rastra Bank (NRB) had directed all licensed Banks and Financial Institutions (BFIs) to maintain interest rates on call accounts lower than general saving account rates. Lately, banks have been providing higher interest rates on savings to comply with the new directive. Lately, commercial banks had been providing up to 12% interest rate in fixed deposit scheme in light of shortage of liquidity.